Annual Stockholders' Meeting Schedule and Record Date

January 28, 2000 PSE CIRCULAR FOR BROKERS NO. 198-00 Disclosure Department Listings & Disclosure Group Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre Exchange Road, Ortigas Center, Pasig City Fax No.: 636-0809 and 637-8811 Attention : Ms . Ma . Isabel Garcia OIC, Listings & Disclosure Group SUBJECT : Annual Stockholders' Meeting Schedule and Record Date Gentlemen: Please be advised that the Board of Directors of THE PHILODRILL CORPORATION (the "Company"'), at its Regular Meeting held today, 26 January 2000, has scheduled the holding of the Annual Stockholders' Meeting ("ASM") of the Company on 24 May 2000, Wednesday . We shall subsequently advise you of the time and venue for the ASM as soon as appropriate arrangements are made therefor. The Board has also fixed the Record Date on 25 February 2000, Friday , for purposes of determining the stockholders who shall be entitled to notice of, and to vote at, the ASM. prcd This formal written advise is submitted in compliance with the rules and regulations of the Philippine Stock Exchange. Very truly yours, (SGD.) ADRIAN S. ARIAS Corporate Secretary